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Return to Fund page
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As the fund celebrates seven years, we can look back and see that we have succeeded, over this time, in creating 153 percent returns. Owning a portfolio of the world's finest companies has certainly paid off.
During November, the fund rose by 1.77 percent, which was 2.21 percentage points better than the benchmark. The two stocks that provided the best results were tech company NVIDIA and construction materials company SIKA. During the month, we met both, having an ESG-focused discussion with NVIDIA and an on-site meeting with SIKA in Baar, Switzerland. Here is a short video from that
meeting (in Swedish).
Our payments companies Paypal and Pagseguro represented the poorest performers during November. Both stocks are now exceptionally cheap and we find it hard to believe that they can drop further - their next big movement should be up, not down.
Key market events and trends (what has influenced performance most?)
In last month's newsletter, we wrote that the big picture we foresee after the pandemic is flourishing investments in technology and logistics/infrastructure. During November, we made several company visits in both Switzerland and the US. When the flights resumed on 8 November, we were lucky enough to get seats on the very first one leaving Stockholm for the US. The impression we got from our companies remains positive and, above all, suggests considerable investments in tech in the coming years. Right now, our largest holding is in Microsoft, which feels absolutely right.
Portfolio changes
We made some adjustments to the portfolio during November, selling off one fine company – adidas - and buying another – S&P Global Ratings. Because adidas has positioned itself against the repression of Muslims in China's Xinjiang region, trainers have become political in China, and the company is struggling in this important market. As a rule, if our companies come under negative political pressure - something that is difficult to predict - we exit our holdings, and so we sold adidas, which was sad, since we really liked the company. However, we must place our unitholders' interests first and try to avoid further losses. In its place, we bought S&P Global Ratings, a company better known as Standard & Poor's, or informally as S&P. The company's well-known stock market index and related products have been growing strongly and generating exceptionally strong cash flows. We have had a good meeting with the company, and as the stock remains at an attractive valuation, we still see steady upside ahead.
The fund's positioning - our market expectations
The fund has now been investing for seven thrilling and eventful years. Several times during this period have we seen chaos on the stock market, but we have come out of each crisis stronger and with an even better portfolio. The next seven years are certain to bring their rough patches as well, but as long as we follow our working process and consistently ensure that we own fine companies that grow, our goal is to continue generating the same good returns as before. We place a high value on company visits and, at the time of writing, we are in the US again, visiting Mastercard, Thermo Fisher, Carrier Global and others. But more on this trip in our next newsletter!
If you'd like to follow us on our trip, visit our blog - coeli.se/global - where we publish new updates (in Swedish).
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Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 1.77% | 22.39% | 78.36% | 153.36% |
| Benchmark | -0.44% | 23.19% | 55.99% | 112.23% |
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* the historic performance before 2018-06-30 is an estimated performance based on the R EUR share class adjusted for the different Investment Management fee. It shall be noted that the adjusted historical performance can differ from the real outcome and therefore shall only be seen as an indicator.
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Andreas Brock, CFA
Portfolio Manager Coeli Global Select
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Henrik Milton
Portfolio Manager Coeli Global Select
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Fund Overview
| Inception Date | 2014-11-28 |
| Management Fee | 1.4 % |
| Performance Fee | Yes, 10% |
| Risk category | 6 of 7 |
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Top Holdings (%)
| MICROSOFT CORP. | 4.3% |
| HCA HEALTCARE INC | 4.1% |
| CARRIER GLOBAL CORPORATION | 4.0% |
| THERMO FISHER SCIENTIFIC INC | 4.0% |
| UNITED HEALTH GROUP INC | 3.9% |
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DISCLAIMER. This is a marketing communication.
Before making any final investment decisions, please refer to the prospectus of Coeli SICAV I, its Annual Report, and the KIID of the relevant Sub-Fund. Relevant information documents are available in English at coeli.com. A summary of investor rights will be available at https://coeli.com/regulatory-information-coeli-asset-management-ab/.
Past performance is not a guarantee of future returns. The price of the investment may go up or down and an investor may not get back the amount originally invested.
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